Economy

Congress supports GST but reach out to Opposition, Rahul Gandhi tells govt

As the Modi Government went into top gear on the GST bill on the eve of the Parliament session, Rahul Gandhi today said the Congress strongly supports the legislation, but it should reach out to the Opposition and address three key issues raised by the party. Spelling out the Congress’ stand on key bills, including GST, during an interaction with ... Read More »

Just growth, fiscal improvement can’t resolve NPA issues: Standard & Poor’s

Global ratings agency Standard & Poor’s (S&P) today called for a multi-pronged strategy to help banks tide over asset quality issues, saying stronger economic growth and improvement in fiscal situation alone cannot resolve the crisis. “Work is needed on multiple other facets, including pick-up in industrial demand, de-leveraging of balance sheets, resolution of problems in stressed sectors like infrastructure and ... Read More »

Companies may raise $5 bn via masala bonds over 3 years: Standard & Poor’s

Indian companies could raise up to USD 5 billion over the next three years through issue of offshore rupee or masala bonds, but success of the new instrument will depend on competitive pricing and attractive returns, a report said today. In the report titled ‘The Success Of Masala Bonds Will Depend On Satisfying International Investors’ Palate’, Standard & Poor’s Ratings ... Read More »

Support for lower GST rate gaining traction

The idea of setting a relatively low rate for a new Indian sales tax seemed to be gaining traction on Wednesday, as politicians of all stripes met to debate what would be the country’s biggest tax reform since independence. The proposed goods and services tax, or GST, will top the order of business at what is expected to be a ... Read More »

Free gas pricing policy won’t help 15-17 Tcf gas discoveries

Government move to free natural gas pricing will not resolve the issue of economically developing already discovered 15-17 trillion cubic feet of gas reserves as the policy will only apply to future finds. Industry officials said the Oil Ministry’s proposal to make natural gas prices market driven for blocks or areas awarded in future exploration licensing rounds/auctions is a forward ... Read More »

Sufficient timely tariff hike must for discom health: Fitch

Adequate and timely tariff hikes, and lower aggregate technical and commercial (AT&C) losses are required to sustain structural improvement of power distribution companies, rating agency Fitch says. “The government’s revival package introduced in November 2015 for the distressed distribution companies will provide some breathing space, but successful implementation of adequate and timely tariff hikes, and lower aggregate technical and commercial ... Read More »

Banks to pay for cheque clearance delay

In a big relief to the bank customers, the Reserve Bank on Monday asked the banks to compensate them for delay in clearance of local cheques. Banks, as per the RBI directive, will have to pay the compensation at savings bank interest rate in absence of a specified rate, for delayed clearance of local cheques. “In case, no rate is ... Read More »

HDFC Bank not to follow SBI in cutting auto loan rates

HDFC Bank is not mulling a rate cut on auto loans offering in the near future, a senior official has said. HDFC bank is not contemplating a rate cut even though SBI announced a reduction of up to 0.50 per cent in its auto loan offering earlier this month, Senior Executive Vice President and Business Head for Vehicle Loans Ashok ... Read More »

Protect Your Riches

Be it the inherited gold set, the solitaire gifted on a wedding anniversary or gold coins bought on auspicious occasions, jewellery is valuable for both monetary and emotional reasons. We look at the two most common ways to protect it – insurance and bank lockers. JEWELLERY INSURANCE The market has few standalone jewellery insurance products. While Axis Bank offers one ... Read More »

SBI cuts rates on NRE/NRO deposits

State Bank of India on Monday said it has reduced interest rates in NRE/NRO deposits of five years and more maturity, to 8.50 per cent. “The bank has decided to revise downwards the interest rates on NRE/NRO deposits for tenors of 5 years and above to 8.50 per cent per annum with effect from August 7, 2012,” it said in ... Read More »